To open long positions on EUR / USD pair, you need:
The euro strengthened its position against the US dollar in the first half of the day. However, with the absence of important fundamental statistics in the background, the upward trend could not continue. At the moment, buyers need to break through the resistance level of 1.1324 and a test of which observed in the first half of the day will lead to a further upward correction to the area of 1.1358 and 1.1388 maximum, where I recommend taking profits. In the scenario of returning to the low of the day at the support level of 1.1294, it is best to consider long positions in EUR/USD on the area of 1.1269 or on the rebound from the support of 1.1247.
To open short positions on EUR / USD pair, you need:
Sellers coped with the task in the morning and did not allow the pair to rise above resistance 1.1324. While the trade is conducted below this range, the pressure on the euro will remain. Yet, the main goal will be to break through and consolidate below the support of 1.1294, which will lead to the formation of a new downward wave and update weekly lows in areas of 1.1269 and 1.1247, where I recommend taking profits. In case that it grew higher than 1.1324 in the second half of the day, it is best to consider short positions in EUR/USD on a rebound from the resistance levels of 1.1358 and 1.1388.
More in the video forecast for March 26
Indicator signals:
Moving averages
Trade is conducted in the area of 30- and 50-medium moving, which indicates the lateral nature of the market with the advantage of sellers.
Bollinger bands
The volatility of the Bollinger Bands indicator is low, which does not give signals to enter the market.
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
The material has been provided by InstaForex Company - www.instaforex.com
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